Metaliko launches second attempt buy Bronzewing
PERTH (miningweekly.com) – ASX-listed Metaliko Resources has made another play for the Bronzewing gold project, in Western Australia, after its previous deal with the administrators of Navigator Resources fell through.
In January, Metaliko offered A$4.82-million for the Bronzewing project and committed to take responsibility for arranging the release of A$7.08-million of bank deposits to the administrators, which had previously been lodged by Navigator to cover government environmental bonds.
At the start of April, however, Metaliko was forced to abandon its pursuit of the Bronzewing project after it failed to raise sufficient cash.
The company on Friday launched its second attempt to secure the Bronzewing project, in a deal worth A$4-million.
Under the new transaction, Metaliko would pay A$3-million in cash and issue a further 33.33-million fully paid ordinary shares, deemed at an issue price of 3c a share. The issued shares would be subject to voluntary escrow for a 12-month period from issue.
Metaliko would still arrange for the release of the bank deposits, and was proposing to cover future environmental obligations by paying the yearly rehabilitation levy.
The new deal was not only conditional upon shareholder approval, but also on Metaliko being able to raise the necessary funds under a renounceable rights issue.
The company told shareholders that it would issue two new shares for every one share held, at an issue price of 3c each, to raise up to A$5.5-million.
Once obtained, Metaliko planned to start drilling several of the prospective targets at Bronzewing, some of which were outlined more than ten years ago.
The Bronzewing project ceased production in the June quarter of last year, after administrators assessed both Navigator and the project to determine the restructuring and consolidation options. The project includes a two-million-tonne-a-year milling facility and associated infrastructure.
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